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Chinese steel demand in 2019 could weaken slightly from that forecast for this year, and the high profitability Chinese steel mills have enjoyed for much of this year seems unlikely to be sustained into next year, according to market pundits canvassed by Mysteel Thursday.
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China will continue efforts to promote infrastructure development and will maintain effective and steady investment in this area, according to an announcement published by China’s State Council on October 31.
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Construction sites in Shanghai, East China, will be under control over October 23-November 12 for the hosting of the China International Import Expo (CIIE) in the municipality, according to the details laid out in a government notice on October 15.
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Production and sales of automobiles in China in September dropped at a faster pace on year compared with August, losing 11.7% and 11.6% respectively, according to the latest data from China Association of Automobile Manufacturers (CAAM) published on October 12. On month however, the results were higher by 18% and 14% respectively.
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Changzhou city in East China’s Jiangsu province is among the latest to join Beijing’s drive to improve air quality, with the city explicitly instructing 48 local steel mills to continue to cut their daily steel output beginning July 25 and lasting possibly until year’s end, an official from Changzhou City Environmental Protection Bureau confirmed on July 30.
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China’s new ship orders for the rest of 2018 will continue to grow but at a lower rate, scoring a modest increase from 2017 in the end, according to the interim market report the China Association of the National Shipbuilding Industry (CANSI) released on July 27.
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Latest data from the National Bureau of Statistics (NBS) shows that China’s production of the four key white goods items kept rising year on year in the first half year of 2018.
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China's rebar price has lost some ground over the past few weeks, with Mysteel's HRB 400 20mm dia rebar benchmark price declining by Yuan 67/tonne ($10/t) or 1.6% on month to Yuan 4,178/t as of July 27. The price of the crucial construction long product is seen continuing to inch down slightly over coming weeks, given the general slowdown for summer, but the downward momentum seems limited, market sources said. They suggested that existing demand from the property market could lend the rebar price some support.
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China's steel producers will still be able to find solid support from the domestic property market though the latter's prices seem to lose the steam gradually in climb-ups with Beijing's extending its surveillance on residential property prices beyond the top-tier cities, market sources said.
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China's domestic steel scrap price is expected to soften moderately in July mainly because of the dampening procurement enthusiasm from the steel mills with the latter's build-up in finished steel products and scraps, market sources shared with Mysteel on July 4.
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The recent Chinese Yuan devaluation together with many other currencies against the US dollar is unlikely to spur China's steel exports this year, partly as China's export offering prices may still be way higher than the supplies from the other countries despite a possibility of price cut, Mysteel understands from the market.
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Chinese rebar prices will likely experience some volatility during the July-December half of this year, prompted by the conflicting forces of rising supply and government-forced production cutbacks, according to market watchers attending the 3rd China Ferrous Derivatives International Conference held in Shanghai, East China last week.
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China's hot-rolled coil (HRC) price is expected to hover at a high level for the third quarter of this year, as the remaining strong demand and high profit margin will ease mills and traders' concern upon rising supplies, though the pressure will be persisting in general in the latter half of 2018, market sources agreed.
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Low stocks of readily-available housing in the Chinese market may trigger a new round of land lease by the property developers in the near and medium term, which will be good news to many commodities such as steel, Wang Peng, macro-economic analyst of Yong'an Futures, said at the 3rd China Ferrous Derivatives International Conference on June 22 in Shanghai.
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New data from the National Bureau of Statistics (NBS) shows China's production of the four key white goods items surged again on-year in May, traditionally the start of the peak season for consumption of goods such as air conditioners and televisions.
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The escalation of Sino-US trade friction may impose pressure on the freight of container vessels soon if the threats of tariffs on each other's products become a reality in full or in part, Chinese market sources commented.
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Many car manufacturers in the world have been expanding or extending their business scopes in a changing market and the latest move is from Toyota Motor Corporation (Toyota), which has committed itself to investing $1 billion into Grab, a Singapore-based ride sharing company that serving the Southeast Asian market.
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Tesla, the Palo Alto California-headquartered maker of electric vehicles, plans to build its next Gigafactory - a combination of car- and battery-making plant - in Shanghai, East China, which Chinese metal market sources suggest may increase demand for materials used in electric vehicles including aluminum, auto grade steel sheet, cobalt, nickel and lithium.
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China's auto sales grew 5.7% on year over January-May and manufacturing up 3.8% on year, both being higher than the increases in January-April, according to the statistics from the China Association of Automobile Manufacturers (CAAM).
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Chinese domestic prices of hot rolled coil which have hovered at a high level since the start of May this year will likely maintain their buoyancy this month, mainly supported by strong downstream demand and improved market sentiment.
